Bitcoin prices have been moving in a small range for the past few weeks, ranging from $15,500 to $17,500. Where will cryptocurrency go next? Several market watchers think so.
in 2022 December 6 11:24 a.m
Prices from Bitcoin They have shown relative stability recently and have been trading in a fairly tight range since the drop in early November. Over the past few weeks, the broader digital currency markets, and companies in the sector in particular, have felt the impact of the collapse. FTX.
Earlier this year, the company was appreciated up to 32 billion US dollars when it raised 400 million in the financing round. Although bitcoin prices dropped significantly in early November, they have been more stable since then.
Critical period for Bitcoin
“This is a critical period for Bitcoin.” said Tim Enneking, CEO Digital capital management. “On the one hand, the drop to 15.5 thousand after FTX. The USD could mark the bottom. Movement this morning (yesterday, USA) to near $17,500, the highest level in almost a month, that’s supportive,” he said, referring to the recent move higher.
But he highlighted how economic strength could give Federal Reserve policymakers more incentive to curb runaway inflation. Enneking pointed to recent data from the Institute for Supply Management, which revealed that the U.S. Services Purchasing Managers’ Index, a measure of how fast the nation’s industry is expanding or contracting, is place 56.7 in November.
The number indicated an expansion and beat the 53.3 figure predicted by economists who attended Reuters poll. If Fed officials take a more aggressive approach to raising benchmark interest rates, can lead to additional headwinds for risky assetsincluding Actions and cryptocurrencies like bitcoin
In addition to highlighting important macroeconomic aspects, Enneking pointed out some key support and resistance levels for the world’s top digital currency. Looking ahead, we see Bitcoin struggling to move against downward pressure, finding strong resistance at each of the $1,000 levels (as we saw last week at $17,000) and even stronger resistance in the US. $20,000,” he said. “If BTC loses the fight, 15.5 thousand USD will be the decisive level. If it breaks, $14,000 will appear.
Brett Sifling, Investment Advisor Gerber Kawasaki Asset and Investment Management, also offered a look at this particular topic. “We are looking at the $18,000 level and $21,300 level above to encourage the bulls,” he said.